Switzerland is not satisfied with being a country of particular importance for the world of finance; now seeks to consolidate itself as one of the most important nations for encrypted adoption and its promotion as a mechanism for the transfer and storage of value.
Vontobel, one of the most important private banks in the country, has decided to "merge" both the worlds (traditional finance and cryptocurrency), announcing the launch of Digital Asset Vault, an encrypted service for the custody of assets that treats them to the same way of traditional physical goods.
According to the information published on the official website of the bank, Roger Studer, head of Vontobel Investment Banking, was quite enthusiastic about this new service, which he classified as a "logical evolution" compared to traditional financial solutions:
"Digital Asset Vault is a logical evolution that extends our digital resource offering.With our innovative strength and experience, we have bridged the gap between existing and digital assets by incorporating our digital assets into our banking infrastructure. , we are also the first supplier to meet the stringent requirements of financial intermediaries and their regulators ".
Switzerland: a crypto-friendly country with crypto-friendly banks and crypto-friendly people
With this decision, Vontobel becomes the third financial institution in the last four months to offer a digital goods custody service after Canada VersaBank and US Fidelity have made similar announcements.
To provide the highest possible security to its customers, Vontobel has integrated the Hardware Security Module (HSM) into its infrastructure. This offers users a high-tech encryption option which in turn complies with the legal provisions in force in the country.
It is important to note that the keys are protected only if the interface of this hardware module has generated them. In case of importing private keys, there is no complete guarantee of their security; however, the Vontobel team assures in its press release that with the HSM "The holding of private keys has been eliminated.
Switzerland is known for being a country with pro-cryptocurrency policies. In fact, most recently, Russia's oldest bank began operating in cryptocurrencies in that country because of the obstacles imposed by Vladimir Putin's government.
As reported by Ethereum World News, Switzerland is already working on a crypto-friendly legal framework that seeks – among other things – to "Change the law on financial market infrastructures and the Law on financial institutions to" create greater flexibility "for blockchain / DLT applications. "